By M. DeWeaver
Will China finally have the ability to put off its socialist animal spirits? Highlighting the significance of China's funding booms and busts for either the chinese language and the realm financial system, Animal Spirits with chinese language features describes the origins and evolution of the funding cycle through the command financial system interval.
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Extra resources for Animal Spirits with Chinese Characteristics: Investment Booms and Busts in the World’s Emerging Economic Giant
Collectively owned land must, in most cases, be converted to state ownership before it can be developed for nonagricultural uses. There is no private land ownership. Since 1987, however, it has been legal to buy and sell land-use rights for state-owned land covering periods of up to seventy years. Strangely, neither the constitution nor any of the relevant laws precisely identify the agricultural collectives to which they refer. Under the administrative system established during the 1958 Great Leap Forward, rural areas were organized into communes, production brigades, and production teams.
It is no more possible for the dictator to be omniscient than it is for the planner.
Understanding how Chinese investment cycles differ from those observed in capitalist economies therefore requires an analysis of the differences between public and private ownership. For economists, ownership implies de facto property rights. These include (1) a claim to the residual surplus produced by an asset, (2) control over the asset, (3) the right to exclude others from using it, and (4) the right to sell it. This is very different from the de jure ownership evidenced by a registration document.
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